Banks, virtual numbers and how they work in tandem
Banks are corporations that handle monetary transactions for people around the world. They are the engine behind our smoothly functioning economies, and without it, economies would easily collapse. In order to be a fully functioning member of society, it is considered essential to own and operate a bank account.
These accounts are easy to open; all one needs is a valid identification proof and money to put in the account. The sole purpose of a bank is to safely store money for customers; and in a digital world, most of the money currently in existence is virtual money. This means that the money is very much usable, but one requires a debit or a credit card and an account to access the money.
Almost every place in the world accepts cards or some form of digital wallet as a mode of payment. This can range from local eateries to high-end shopping avenues. The advent of technology has spread so many entire countries are trying to digitize the banking system to eliminate cash transactions and erase corruption.
India is a very big country with nearly a billion occupants it is the second most populous country in the world. People may not have access to the internet but they can certainly have access to a bank account as money is essential for survival. There are an estimated 300 million people who have a bank account in India. These numbers mean that banks have to relay information to each and every user about their account and transactions.
In order to perform this gigantic task, banks enlist the help of a bulk SMS gateway. These are companies which specialize in delivering hundreds of millions of messages to customers on a daily basis. One such expertise of these companies is transaction and OTP SMS delivery services. These messages which unlike promotional messages, can be sent at any time of day, are specific messages which can be relayed to the customer instantly. These messages can be various details about the transactions performed on a bank account, thus helping keep track of expenditure and acting as a sort of receipt. They can also be used to send OTPs or one time passwords which are used while performing transactions online. Since only one user can receive them, it is very safe and secure.
This usage is not limited to banking institutions, but even others who require public notification from time to time can utilize bulk SMS gateway India. Educational institutions can use it to send alerts to parents or students about attendance and holidays, or in case of an emergency. The railways are one of the major users of this service; they use transactional SMS to inform passengers of their PNR statuses and its confirmation. Integration is fluid, and they can be easily linked to the system software and a transactional SMS API.
This service is very critical to the functioning of the banking sector. Relaying information to customers is a priority and the fastest and easiest way to do it is via a transactional SMS.